Cybersecurity

Ransomware Protection – What You Need To Do

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As business decision-makers, it’s vital to recognise that the cyber threat from ransomware is ongoing and unlikely to diminish anytime soon. The 2023 Bullwall Ransomware Report, based on a survey of 435 cybersecurity professionals, highlights the growing threat of ransomware attacks and how organisations are responding.

Key findings from the BullWall Ransomware Report include:

 

  • There is an increased likelihood of ransomware attacks, with 79% of respondents ranking the threat as moderately or extremely likely within the following year.
  • Despite the high levels of successful ransomware attacks that highlight weaknesses in defences, the organisations surveyed remain highly confident in their defensive abilities: 40% of respondents are very or extremely confident in their organisation’s ability to detect and block threats, while 38% are moderately confident. The data suggests that many organisations are overconfident in their defensive abilities.
  • The types of data considered to be most at risk of exfiltration and then encryption during a ransomware attack include customer information (65%), financial data (55%), and employee information (50%).
  • The significant impacts of ransomware attacks include productivity loss (42%), followed by increased IT security spending (40%) and a substantial shift in overall security strategy towards mitigation (33%).
  • Recovery time expectations are optimistic, with 73% of respondents believing they can recover from an attack within a few days. However, multiple research findings suggest that recovery from a ransomware attack can take weeks or even months.
  • The primary obstacles to improving defence strategies are the evolving sophistication of attacks (47%) and budget constraints (45%).

 

How To Boost Ransomware Preparedness

 

Protecting against ransomware requires strengthening cybersecurity protections and preparing for an attack that breaches defences so you can stop it quickly and recover rapidly. Steps that businesses should take include:

Endpoint Security – Utilise advanced Endpoint Detection and Response (EDR) solutions for real-time monitoring and response.

Email Security Protocols – Implement comprehensive email filtering solutions to help prevent phishing attacks, one of the common ransomware entry points.

Multi-Factor Authentication (MFA) – Adding MFA introduces an additional security layer, making unauthorised network access more challenging for attackers. The emerging field of passkeys to replace user logins, passwords, and MFA should also be on your roadmap.

Regular Software Updates and Patch Management – Keeping software up to date is critical in preventing attacks that exploit known vulnerabilities.

Regular Backups and Data Integrity Checks – Effective backup strategies are essential for rapid recovery post-attack. In some cases, recent backups are the only way to recover systems after ransomware encryption. A sizeable proportion of ransomware victims who pay a ransom never get a working way to decrypt their systems.

User Training and Awareness – Regular training programs on identifying phishing emails, safe browsing habits, and response protocols in case of suspected ransomware attacks are crucial.

 

Halodata and Bullwall can Help Strengthen Your Ransomware Preparedness

 

Halodata and Bullwall work together to provide advanced solutions and advice to counter ransomware threats. The core of Bullwall’s ransomware protection approach builds on recognising that guaranteed prevention from ransomware attacks is not feasible due to cybercriminals’ sophisticated and ever-changing tactics. Instead, Bullwall advocates for a comprehensive strategy, blending prevention, containment, and rapid recovery solutions, as mentioned above.

If ransomware infects an organisation, the Bullwall containment solution rapidly isolates affected systems, devices, and users, thereby minimising disruption, and potential losses. The solution enables defenders to act quickly after the detection of an intrusion, providing a crucial interval that mitigates the impacts of an attack.

Bullwall also emphasises that having a well-structured incident response plan is essential as part of your ransomware defence strategy. The plan should include designated roles, communication protocols, and guidelines for system restoration. This ensures a coordinated and swift response after an attack.

Final Thoughts

Contact us to learn how the Halodata partner and vendor network, including Bullwall, can deliver advanced expertise and cybersecurity tools to your organisation to help you defend against ransomware and other threats. 

Halodata, our Partners, and our curated Vendors can help you build a cyber-aware workforce – supported by robust cybersecurity tools. Talk to the Halodata team today to find out more.

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